Expansion of Tax-Exempt Limit up to 50 Million Won for Aquaculture Farmers

Approval of Amendments to the Enforcement Decrees of the Income Tax Act and the Restriction of Special Taxation Act at the Cabinet Meeting on the 27th

From this year, fishery workers who specialize in aquaculture will have their tax exemption limit expanded to 50 million won, just like those in capture fisheries.

On the 27th, the Ministry of Oceans and Fisheries announced that the Cabinet approved amendments to the Enforcement Decree of the Income Tax Act and the Enforcement Decree of the Restriction of Special Taxation Act, which increase the tax exemption limit for aquaculture from the current 30 million won to 50 million won. Until now, aquaculture was classified as a "farm and fishery side business" along with livestock farming, lodging business, and food sales, and income tax exemption was granted only up to 30 million won combined with other side business incomes.

Capture fisheries receive income tax exemption up to 50 million won, and livestock farming, in addition to exemption up to 30 million won combined with other side business incomes, also received additional income tax exemption based on the number of livestock raised. Compared to this, there had been voices from the fishery field that the tax exemption benefits for aquaculture were unfair.

Additionally, fishery cooperatives will now be able to reduce corporate tax on aquaculture income up to 30 million won per member. Dividend income received by members who invest in the Fisheries Cooperative (hereinafter Suhyup) will also be eligible for dividend income tax reduction on investment amounts up to 20 million won.

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